Required information Use the following information for the Exercises below. The

Question

Required information Use the following information for the Exercises below. The following information applies to the questions displayed below. York's outstanding stock consists of 70,000 shares of noncumulative 8.5% preferred stock with a $5 par value and also 290,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: 2015 total cash dividends 2016 total cash dividends 2017 total cash dividends 2018 total cash dividends $ 18,800 27,700 245,000 395,000

Explanation / Answer

Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Annual Preferred Dividend: $5.00 8.50% $0.43 70,000 $29,750 Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end 2015 $18,800 $18,800 2016 27,700 27,700 2017 245,000 29,750 215,250 2018 395,000 29,750 365,250 Total: 686500 106000 580500

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